The Generalized Beta distribution provides a flexible way to specify a probability distribution over a particular range (i.e., with a specified minimum and maximum). It is commonly used within project management simulations to represent the time to complete a task.
It is defined by specifying a Mean, Standard Deviation, Minimum and Maximum:
Note: The theoretical maximum standard deviation (SD) for a beta distribution (ranging from 0 to 1) is equal to sqrt[mean*(1-mean)]. However, with such a high SD, the beta distribution would have a “spike” of probability density at both its upper and lower bounds. With a somewhat lower SD, there will only be a spike at the limit closest to the mean. GoldSim restricts the SD to 0.6 of the maximum theoretical value in order to avoid having any spikes in the density function. If you need probability distributions that combine discrete spikes with continuous curves, you should construct this explicitly (by combining multiple distributions using an Expression, or by using a Cumulative distribution.
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